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Economic Measurement and the Bias in Policy Choice

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  • Myles, G.D.

Abstract

The level of economic activity is never measured perfectly because of the problems of definition, inaccuracies in data collection and the existence of the hidden economy. Such mismeasurement implies that government policies based on official statistics can be optimal only by chance. The analysis formalises this observation in a two-sector economy and attempts to quantify the direction and extent of the bias introduced into policy by the failure to account for the true size of the economy.

Suggested Citation

  • Myles, G.D., 1995. "Economic Measurement and the Bias in Policy Choice," Discussion Papers 9511, University of Exeter, Department of Economics.
    • Handle: RePEc:exe:wpaper:9511
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    More about this item

    Keywords

    ECONOMIC POLICY;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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